UBS to Pay $4.6 Million Over Unregistered Service Associates

By

Matthias Rieker

Aug. 26, 2013 4:41 p.m. ET

A UBS AG unit in the U.S. agreed to pay $4.6 million in civil penalties to the states to settle allegations that client-service associates in its retail brokerage business accepted trade orders from clients without being registered.

UBS also failed to adequately supervise the associates, according to the bureau of securities in New Jersey, which coordinated a multistate investigation. "These violations exposed investors to...